A profile I'm monitoring for someone else, a fairly thin, fairly young profile with 4 active revolving accounts, just added its first installment loan, an auto loan.
I found it very interesting that neither EX FICO 8 nor EX FICO 2 budged a single point.
EX FICO 8 Auto, however, went UP 24 points. I guess the Auto score likes to see an actual auto loan in the mix, even though it represents an increased debt burden, and not a nickel has been paid on it yet.
That's interesting, I have a fairly thin file myself with Aaoa at 2 years. I co signed an auto loan (20k) with my DW back in July. Prior to signing that loan my scores were TU 791, EQ782, EX 775. As soon as that loan hit my CR my scores took a major hit by over 20 points! They've been creeping back up since then but I was not happy about it at the time... Good for your friend though!
Yeah it's kind of puzzling. I would have expected all the scores to go down in view of adding a new account, with the new account being a 100% utilization loan. Maybe in a day or two the EX scores will shift.
@JoeRockhead wrote:That's interesting, I have a fairly thin file myself with Aaoa at 2 years. I co signed an auto loan (20k) with my DW back in July. Prior to signing that loan my scores were TU 791, EQ782, EX 775. As soon as that loan hit my CR my scores took a major hit by over 20 points! They've been creeping back up since then but I was not happy about it at the time... Good for your friend though!
That's what I was expecting to happen here. Who knows, maybe EX just hasn't caught up to applying the FICO algorithms to the new data.
@SouthJamaica wrote:
@JoeRockhead wrote:That's interesting, I have a fairly thin file myself with Aaoa at 2 years. I co signed an auto loan (20k) with my DW back in July. Prior to signing that loan my scores were TU 791, EQ782, EX 775. As soon as that loan hit my CR my scores took a major hit by over 20 points! They've been creeping back up since then but I was not happy about it at the time... Good for your friend though!
That's what I was expecting to happen here. Who knows, maybe EX just hasn't caught up to applying the FICO algorithms to the new data.
Would appreciate an update when/if anything changes, just to satisfy own curiosity is all... all my scores (FICO8) dropped across the board, 21, 21 and 23 points... it's almost as mysterious as Cap 1 CLI protocols, lol
@JoeRockhead wrote:
@SouthJamaica wrote:
@JoeRockhead wrote:That's interesting, I have a fairly thin file myself with Aaoa at 2 years. I co signed an auto loan (20k) with my DW back in July. Prior to signing that loan my scores were TU 791, EQ782, EX 775. As soon as that loan hit my CR my scores took a major hit by over 20 points! They've been creeping back up since then but I was not happy about it at the time... Good for your friend though!
That's what I was expecting to happen here. Who knows, maybe EX just hasn't caught up to applying the FICO algorithms to the new data.
Would appreciate an update when/if anything changes, just to satisfy own curiosity is all... all my scores (FICO8) dropped across the board, 21, 21 and 23 points... it's almost as mysterious as Cap 1 CLI protocols, lol
Sure thing.
I'm interested in following this too since I have no auto loans on my reports but I'm planning to add one in the next few months.
Starting Score: EQ8 680, TU8 713, EX8 701
@mgood wrote:I'm interested in following this too since I have no auto loans on my reports but I'm planning to add one in the next few months.
Most definitely will update.
